Monetary policy: SBP cuts interest rate by 200BPS to 9%

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KARACHI: In yet another emergency meeting, the State Bank of Pakistan has slashed the interest rate by a significant 200 basis points to 9% on Thursday.

“Since the last Monetary Policy Committee (MPC) meeting, the global and domestic outlook has further deteriorated,” the central bank said in a statement.

“The world economy is expected to enter into the sharpest downturn since the Great Depression, contracting by as much as 3% in 2020, according to projections released this week by the IMF.”